Deciding On What Is The Better Home Option For You

It has always been better to own than to rent

, very simply because usually renting and owning end up costing you the same amount each month but when you own you are building up equity and when you're renting you are not. For some people renting is the only way to go very simply because they don't have the credit by which to attain a mortgage for their own home.

Some people who don't have a decent credit score actually wind up in a situation where they obtain a family member, friend, or spouse to put the piece of property in their name. This essentially allows them to gain equity indirectly and for the most part this can be beneficial to both parties if both keep up their end of the deal. Unfortunately, as with many issues that relate to finances people might become at odds about the particulars of the deal and in the end it might turn out that one person evicts the other or that the property winds up getting foreclosed on.

Home ownership has also become a bit over-rated in the current economy very simply because it requires someone to be able to maintain the payments on the property and doing so requires a steady income. Unfortunately, the current state of the world economy doesn't leave most men and women feeling secure with their financial position and perhaps this is why so many properties that have been foreclosed upon of late have remained unoccupied.

Of course, if you are in a financial position to purchase a property and either have a little bit of cash lying around or have a good enough credit score to ensure that you can get a home loan or mortgage, then you'll likely find that there are many properties available on the market that are worth looking at as either leasing properties or an investment. Most people who know they are financially stable are purchasing as many properties as the banks will allow them to in order to secure their holdings for the future.

Individuals who are not financially stable, who are concerned about the potential for losing their employment, or who have little padding available to them for just in case are truly better off renting than buying. When people are renting they have a little bit more leeway to get leniency from their landlord or to get out of the deal entirely if they cannot afford to pay anymore. As most leasing property goes through an individual and not a bank, it's a safer way for those that arent financially sound to make a home for themselves and their family.

by: Hanna Mack

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